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Farmmi shares jump after memecoin mania on Robinhood Chain

Farmmi was last briefly at about $0.50 per share, then corrected to roughly $0.18, with trading volume topping 720 million shares, about 90 times its daily average.

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Farmmi stock surged as much as 350% on Wednesday amid memecoin activity on Robinhood Chain, with traders piling into a token paired with an onchain version of the Nasdaq-listed microcap company, The Block reported.

Farmmi, a Chinese agricultural products company that sells edible dried mushrooms, closed Tuesday at around $0.12, then briefly traded near $0.50 per share before rapidly correcting back to roughly $0.18. The move was accompanied by more than 720 million shares changing hands, nearly 90 times the stock’s daily average.

The spike tracked activity around JINQIAN, a Robinhood Chain memecoin paired against an onchain token using Farmmi’s FAMI ticker. At its peak, DexScreener data showed the memecoin’s implied valuation at about $60 million, around 10 times the publicly traded company’s valuation.

The Block said pairing memecoins with tokenized stocks is a growing trend on Robinhood Chain, and noted Farmmi is far less liquid than prior examples such as tokens paired with larger companies like Nvidia and Micron. It also pointed out the FAMI token is not among Robinhood’s official stock tokens and appears independently issued, which would not rely on a mint-and-redemption mechanism to drive purchases of Farmmi shares.

Latest closeNasdaq Comp. 26,217.83 ▲0.5%

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